BRENTWOOD, TN., – Crye-Leike, REALTORS is urging Congress to act now to pass a Housing Stimulus Package.  With the economy faltering, the MidSouth Leader in real estate is calling on Congress to move quickly to avert an economic crisis and enact legislation to jump-start housing, save jobs and restore confidence.


“This week, another 16,800 Americans will lose jobs and 47,000 more home owners will go into foreclosure,” said Crye-Leike Cofounder and CEO Harold Crye.  “Congress has returned from its July 4th recess and needs to act now to pass a housing stimulus package.  America is hurting – there’s no time to waste.”


Procedural hurdles prevented the Senate from completing work on the housing bill before congress adjourned for the holiday.  Key to the bill is a Home Buyer Tax Credit to shore up home prices and halt the downward spiral in the housing market.  Crye-Leike supports a temporary homebuyer tax credit to stimulate home buying and reduce excess supply in housing markets.


“Because the home buyer tax credit is so important, we urge Congress to adopt the biggest and broadest tax credit possible,” said Crye.  “The other key element of the legislation we support is a revitalized FHA to get mortgage money flowing again. ”


In addition, Crye-Leike supports expanding the Mortgage Revue Bond Program to help strapped borrowers seeking to refinance their home loans and enhancing the Low Income Housing Tax Credit to expand the supply of much needed affordable rental housing.


“The slumping housing market and sky high oil prices have pushed the economy to the brink of recession with consumer confidence at a 16 year low,” said Crye.  “The U.S. economy has shed jobs for six straight months and more than 1 million homes are now in foreclosure, which is the highest rate ever recorded.”


According to Crye, “As the housing goes, so goes the economy.”


“We’re not talking about a bailout here,” said Crye.  “The proposed tax credit for first time buyers was also utilized in the 1981-82 crunch to stimulate the market and it helped put thousands of people back to work in new construction and all related industries that benefit from home sales.”


The dramatic housing contraction of the past two years is weaving its way through the entire economy, according to Crye, and wreaking havoc on the credit markets, causing job losses and hurting local governments.  Crye-Leike, REALTORS urges Congress to act now and pass a housing stimulus package.


Harold Crye and Dick Leike established Crye-Leike, REALTORS in 1977.  Today, Crye-Leike?, the nations 4th largest real estate company, has a network of more than 4,100 sales associates and 132 corporate and franchise offices located in 65 counties through-out the eight-state southern region of Tennessee, Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi and North Carolina.


Crye-Leike is a full-service real estate company offering buyers and sellers services in the following areas of specialty: residential sales, mortgage lending, title, insurance, commercial business and investments, property management, development and construction, builder resources, REO bank-owned properties, relocation, auctions, and home services referrals.  In 2007, the Crye-Leike organization attained sales of $5.7 billion with 32,500 closed transaction sides.